¥1,700,000 (Direct Cost : ¥1,700,000)

Land problem / Sharp rise of land price / Land policies / Land taxs / Restriction on land use / External effects of land use / Nonmalleabikity of lan investment / Indivisibility of land / 地価高謄

Research Abstract

This study intended to analyze and find how effectively land taxs and other land policies solve the so-selled land problem, i.e., too high land price as well as inefficient use of land clearly seen in the recent Japan.Main contributions of this study are as follows : In the first year, there were made a suvey and summarizing analysis of various arguments on land problems paying a special attention to the external effect of land use, an insight obtained through the on-the-spot survey of land ltax and land pokicies in austrakia. Main results are : i)A dynamic general equilibrium model with overlapping generations is presented to provide a unified framework for analyzing effects of land income and land holding taxs on land price, on land use ofr dwelling and production, and on consumer's welfare and income distribution. ii)a survey of Australian land taxs and land policies is made, making clear differences between the principles of land taxs and plicies of Australia and of Japan. iii)The effects of land-use externality is introduces to reconsider the problem.In the second year, the framework of the analysis is enlarged to enompass indivisibikity of land, nonmalleability of investment on land, imperfectness of land market, especially of informational inequality among agents. this study shows that land policies and taxs should take this facet of the porblem in to account.